On May 1st, WeChat released the “May 1†Cashless Exit Report, which uses 889 million active users as a sample to restore a panoramic view of cross-border cashless consumption by Chinese. At present, WeChat payment has been registered in 12 countries and regions, supporting direct settlement of 11 currencies.
The term “no cash society†seems to be a hot topic this year. In mid-April, Alipay said in a high-profile manner: "5 years to promote China into a cashless society." As a banking financial institution, Bank of Communications also added a fire to the promotion of the cashless society. On April 17, Bank of Communications launched the “Mobile Credit Card†product, becoming the first credit card product in the industry to fully migrate to the mobile bank, from the credit card. The release is reviewed and used, and the entire life cycle is performed online. At the same time, on April 18, under the leadership of Ant Financial, the first 15 alliance members set up the world's first cashless alliance in Hangzhou. Ant Financial also announced that it will provide 6 billion yuan in the next two years. Help alliance members advance the cashless process.
The "no-cash society" has become a trend of mountains and rains. Recently, the People's Bank of China issued relevant reports showing that in 2016, all the services such as bank card issuance, deposits, and transfers were growing at a high speed, but the cash withdrawal business has declined.
Correspondingly, according to a report released by China Internet Network Information Center, as of the end of 2016, the number of online mobile payment users in China reached 469 million, with an annual growth rate of 31.2%; the proportion of mobile online payment was increased by 57.7%. Up to 67.5%; 50.3% of netizens use mobile phones to pay when shopping online.
The “cashless society†that replaced paper currency with digital currency has gradually approached. But whether it can benefit more social groups and avoid various payment and disclosure risks, it also needs to be considered in advance in actual operations.
It is understood that telecommunications fraud caused by social media theft, SMS Trojan links, fraudulent verification codes and other means has become a worry for many people using mobile payment.
According to the 2016 Mobile Payment Security Survey Report released by China UnionPay, in 2016, the proportion of users not only suffering from fraud has increased, and the amount of damage has continued to rise. According to the report, about 25% of respondents said they have experienced telecommunication network fraud and suffered losses, up 11% from the previous year; fraudulent techniques such as Trojan link SMS and fraudulent SMS verification code are also common payment frauds. In this way, the proportion of cardholders who encounter these two methods is 63% and 51%.
Then, in the face of the increasingly severe security situation, what are the mobile payment stakeholders who are important poles of the “cashless societyâ€, and what efforts should be made to increase the trust of users? Gemalto, a global digital security company, believes that trust in user mobile security can be enhanced in several ways.
Powerful built-in applications and dynamic application security. The latest research shows that 80% of users pay more attention to reliability and security than convenience, speed and reward. Banks, businesses, manufacturers and governments need to better protect their mobile ecosystems and should be able to defend against dynamic malware.
To provide users with peace of mind, a good user experience is required. One way to balance security and ease of use is biometric authentication. However, unnecessary repetitive checks can undermine the effectiveness of biometric authentication, so it is important that the technology recognizes patterns and provides additional tolerances.
Hierarchical security. Considering the security psychology of the user, multiple security layers can be added depending on the content involved. For example, if a user's application is providing mobile banking, the level of identity authentication must be very high.
Flexible risk management. Today's cyber threats are constantly changing and increasingly unpredictable. Therefore, a flexible risk management system is needed to cope with new situations and deploy adaptive security policies. A dynamic risk management system can identify unusual user trading patterns, assess the risk of trading and intervene to block transactions.
Of course, the “cash-free society†does not completely eliminate cash, but a society with no cash as the mainstream payment method. Its connotation is also very rich, no cash including Internet payment, bank card, two-dimensional code payment, NFC (near-field payment) and other payment tools. The cashless society is accelerating, and when users use modern payment technologies in a large amount, safety is more important than speed. How to protect the payment security of users will always require the focus of all parties in the industry chain.
The term “no cash society†seems to be a hot topic this year. In mid-April, Alipay said in a high-profile manner: "5 years to promote China into a cashless society." As a banking financial institution, Bank of Communications also added a fire to the promotion of the cashless society. On April 17, Bank of Communications launched the “Mobile Credit Card†product, becoming the first credit card product in the industry to fully migrate to the mobile bank, from the credit card. The release is reviewed and used, and the entire life cycle is performed online. At the same time, on April 18, under the leadership of Ant Financial, the first 15 alliance members set up the world's first cashless alliance in Hangzhou. Ant Financial also announced that it will provide 6 billion yuan in the next two years. Help alliance members advance the cashless process.
The "no-cash society" has become a trend of mountains and rains. Recently, the People's Bank of China issued relevant reports showing that in 2016, all the services such as bank card issuance, deposits, and transfers were growing at a high speed, but the cash withdrawal business has declined.
Correspondingly, according to a report released by China Internet Network Information Center, as of the end of 2016, the number of online mobile payment users in China reached 469 million, with an annual growth rate of 31.2%; the proportion of mobile online payment was increased by 57.7%. Up to 67.5%; 50.3% of netizens use mobile phones to pay when shopping online.
The “cashless society†that replaced paper currency with digital currency has gradually approached. But whether it can benefit more social groups and avoid various payment and disclosure risks, it also needs to be considered in advance in actual operations.
It is understood that telecommunications fraud caused by social media theft, SMS Trojan links, fraudulent verification codes and other means has become a worry for many people using mobile payment.
According to the 2016 Mobile Payment Security Survey Report released by China UnionPay, in 2016, the proportion of users not only suffering from fraud has increased, and the amount of damage has continued to rise. According to the report, about 25% of respondents said they have experienced telecommunication network fraud and suffered losses, up 11% from the previous year; fraudulent techniques such as Trojan link SMS and fraudulent SMS verification code are also common payment frauds. In this way, the proportion of cardholders who encounter these two methods is 63% and 51%.
Then, in the face of the increasingly severe security situation, what are the mobile payment stakeholders who are important poles of the “cashless societyâ€, and what efforts should be made to increase the trust of users? Gemalto, a global digital security company, believes that trust in user mobile security can be enhanced in several ways.
Powerful built-in applications and dynamic application security. The latest research shows that 80% of users pay more attention to reliability and security than convenience, speed and reward. Banks, businesses, manufacturers and governments need to better protect their mobile ecosystems and should be able to defend against dynamic malware.
To provide users with peace of mind, a good user experience is required. One way to balance security and ease of use is biometric authentication. However, unnecessary repetitive checks can undermine the effectiveness of biometric authentication, so it is important that the technology recognizes patterns and provides additional tolerances.
Hierarchical security. Considering the security psychology of the user, multiple security layers can be added depending on the content involved. For example, if a user's application is providing mobile banking, the level of identity authentication must be very high.
Flexible risk management. Today's cyber threats are constantly changing and increasingly unpredictable. Therefore, a flexible risk management system is needed to cope with new situations and deploy adaptive security policies. A dynamic risk management system can identify unusual user trading patterns, assess the risk of trading and intervene to block transactions.
Of course, the “cash-free society†does not completely eliminate cash, but a society with no cash as the mainstream payment method. Its connotation is also very rich, no cash including Internet payment, bank card, two-dimensional code payment, NFC (near-field payment) and other payment tools. The cashless society is accelerating, and when users use modern payment technologies in a large amount, safety is more important than speed. How to protect the payment security of users will always require the focus of all parties in the industry chain.
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